HomeTelos LEO Program Achieves Market Success as Foreclosure Alternative

HomeTelos Loan Exit Option (LEO) program has demonstrated market success as an effective approach in avoiding foreclosure for borrowers, investors, and mortgage servicers. The LEO pre-foreclosure home sale program is faster and has significantly higher closing success rates than traditional short-selling programs. The HomeTelos LEO system aligns the interests of borrowers, servicers and other interested parties through its unique workflow management system, which qualifies properties for pre-foreclosure sale. When qualified, LEO then facilitates property sales through its dynamic online marketplace that brings motivated sellers & buyers together. Mortgage servicers can better help borrowers avoid foreclosure through HomeTelos’ integrated and streamlined LEO system and processes. Costly, frustrating, and ultimately unsuccessful sales efforts are avoided without heavy staff demands being imposed on servicing operations. HomeTelos LEO Program Achieves Market Success as Foreclosure Alternative

Since LEO’s launch last year, LEO properties upon listing have averaged 37 days on market, 4 offers per property and sales prices that average 96 percent of list price. A key to this success is real-time communication between real estate brokers, servicers and investors, allowing LEO to average only 3 days from buyer’s offer submission to servicer’s acceptance or rejection. According to a Florida borrower, “we were getting nowhere, losing our job then our home. We appreciated the quick action in getting our short sale resolved in this market”. LEO provides loan servicers with assurance that the property is widely marketed, offers represent real market value and that closing issues are resolved in advance. Borrowers avoid foreclosure proceedings, critically damaged credit ratings and the threat of lender recourse for loan payment shortfalls.

According to HomeTelos President Stephen Polley, “LEO’s success is driven by its breakthrough combination of innovative technology and re-engineered workflow processes for achieving the combined critical objectives of servicers, borrowers and other interested parties. LEO provides a way for families under financial stress to have a mortgage option that allows them to relocate with dignity.”

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For Sale By Owner Meets Online Dating

Sellmestraight.com has just launched a revolutionary concept in for sale by owner home sales modeled off of popular online dating sites. But rather than matching people with their dream date, sellmestraight.com aims to match buyers with their dream home. Using sophisticated profile based matching, sellmestraight.com is as much an “emotion engine” as a search engine, including criteria such as buyer tastes and preferences into the home search process.

The primary deficiency with most online real estate sites, is that they focus too much on brick and mortar and pay little attention to the emotional aspects of buying a home, which are sometimes the greatest motivating factors when making a major purchase. Eric Little, the site’s founder said “the motivation behind creating sellmestraight.com came from first had experiences both as both a buyer and seller. As a buyer, I was frustrated that the intangible elements of my home search were largely overlooked. A house that looked great on paper often fell far short when viewing in person, especially when it came to personal preferences such as the type of neighborhood”.

In regard to selling a property, Little said “as a home seller attempting to sell by owner, I was discouraged that there was no good way to reach out proactively to interested buyers. I am proud to say the selling tools provided by sellmestraight.com offer home sellers the ability to proactively reach out to interested buyers, representing an unprecedented advantage for motivated home sellers”. – ecoogle

Combining an intuitive and interactive interface between buyer and seller, along with unparalleled advantage of the exclusive seller tools, sellmestraight.com may prove to be the future of for sale by owner home sales. Experience the revolution for yourself at www.sellmestraight.com.

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Self Directed IRA Holders Find A Silver Lining To The Foreclosure Crisis

With foreclosures at all time highs and the stock market still not quite on solid ground, investors are focusing their activities on other markets, especially stable commodities and real estate. According to the latest indicators, it seems certain that the unprecedented level of foreclosures is set to continue even as the housing market slowly recovers. For many, it’s a tragic situation – and for others, a time of unparalleled opportunity.

There are quite a few IRA holders who are also interested in making investments in real estate given the sheer number of homes either in the foreclosure process, or already owned by financial institutions. However, traditional IRAs don’t allow the holders of these accounts the freedom to decide that they would like to take advantage of current market conditions to make investments in this very exciting market.

The answer may lie in something known as a self directed IRA, which as the name implies, is a retirement fund, which allows for the holder to make decisions about where their contributions to the account are invested – including in real estate, as president of the Austin firm Truly Self Directed, Josh Moore explains:

“Unfortunately, it does not appear that the current wave of foreclosures is going to subside anytime soon. Many investors are uncertain about the stock market and a lot of people are turning to what they know versus the unknowns of the stock market.”

“People with IRA / 401ks are looking for something they know can provide them a return on their investment – and that’s real estate. Investors who purchase real estate with IRA funds may actually be an important part of a viable free market solution to a less than ideal situation,” adds Moore.

About Truly Self Directed:
A self directed IRA such as those offered by Moore’s firm allow investors to take funds earning very low returns in traditional investment vehicles and put them to work as they see fit, including profitable sectors like real estate and development.

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MLK Insurance Announces Renters Insurance Website

MLK Insurance, recognizing the growing need for New York renters to insure their belongings, has announced the launch of NY-RENTERSINSURANCE.COM, a site dedicated solely to the renters insurance maket in New York. Many residents in New York are under the impression that their personal property is covered by their landlord in the event of a fire or theft.

Consequently, by not carrying the necessary coverage, there has been a huge number of New York renters left out in the cold when it comes to replacing their damaged or stolen contents. These contents can add up to significant amounts when you factor in the cost of replacing major items like tvs, computers, stereo equipment and furnishings. Increased burglaries in the current economic environment coupled with the coming holiday season which historically has triggered an increase in crimes against personal property, make the next few months a key time to secure the proper coverage. With that in mind, NY-RENTERSINSURANCE.COM was launched to have a quick and easy portal in which consumers can get a quote on the coverage they need. In most cases, same day coverage is available and low deposits of as little as $10 are needed to secure coverage.

Policies start for as little as $55 year for basic coverage which includes $100,000 liability coverage-in case you are sued by someone accidentally injured in your apartment. In addition, the policy pays for any additional living expenses you incur if you are forced out of your apartment while repairs are made. Policyholders have used this coverage for reimbursement on the cost of hotel rooms and eating out and it has prevented them from having to seek out a shelter.

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The Approaching Tax Credit Deadline Is Pushing The First-Time Home Buyers Into The Market

There is a panic in the real estate market, but it’s no longer the panic driven by falling prices. The approaching tax credit deadline is creating the panic, and pushing the first-time home buyers into the market. The current rise in the demand for the Scottsdale real estate can be credited to this change in regulation.

As the November 30 deadline is closing in, the prospective home owners are trying hard to secure a deal before it is too late. The nationwide tax credit of $8,000 has worked as a catalyst in bringing the first-time home buyers to the Scottsdale and Phoenix real estate market. “The Scottsdale real estate market is hot and has been since spring, especially homes price under $400,000,” said Josh W. Hintzen, managing partner of MoJo Realty Group. He further added, “And with the November 30 deadline on the horizon, we’ve seen the Scottsdale real estate market gain momentum.”

As estimated by IRS, since February when the tax credit came in effect, in Arizona alone 38,000 taxpayers have taken the benefit under this plan, and around 1.4 million people nationwide have applied for the tax rebate. It is worth noting here that the U.S. median home price plummeted by 28 percent over 3 years in January. At that time, the market sentiment was at the lowest in 7 year.

It was only after the Congress approved American Recovery and Reinvestment Act of 2009 that the market started to recover. The first-time home buyers have been responsible for 43 percent of the home sales since the law came into effect. In a survey conducted by a leading market research company, 70 percent of the first-time home buyers said that the $8,000 rebate played a role in their purchase decision.

“The government stimulus package, falling interest rates, and well priced homes have brought buyer’s back into the housing market in Scottsdale, Phoenix and nationwide,” said Morgan H Hodges, a managing partner of MoJo Realty Group. “Supply has gone down and demand has gone up. We are in a much better market than we were 2 years ago. The numbers don’t lie.”

Realtors are divided on whether this surge and excitement in the housing market is temporary or here to stay. Some believe that the increase in home sales is mainly due to the stimulus package. Others believe that home buyers and investors have shed their fears and are back in the market regardless of the tax incentive.

Lately, there has been a lot of speculation in regards to the deadline of the first time home buyer’s tax credit. Will the government extend the cut-off date? If extended, will the credit be increased to $15,000? Will it be available to all buyer’s and not just first time home buyers? At this point, the tax incentive is set to expire November 30th and buyers should take advantage of the $8,000 while they still can.

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Kenn Renner Teams Up With DR Horton To Warn About Expiring Federal Tax Credit

Top Austin real estate broker and author, Kenn Renner, with Buy Austin (www.BuyAustin.com) and DR Horton, Austin’s largest home builder, has reported they can only accept contracts for individuals who qualify for the first time home buying federal tax credit for a few more weeks. Although a hard deadline has not been set by either organization, first time homebuyers who do not take action now seriously risk missing the November 30th cut-off set by the government.

Top Austin real estate broker and author, Kenn Renner, with Buy Austin www.BuyAustin.com and DR Horton, Austin’s largest home builder reminds first time homebuyers of the impending deadline for the $8000 Federal Tax Credit, which is due to expire on Monday November 30th, 2009. Kenn urges first time home buyers who want to make use of the $8000 tax credit, “to purchase their home within the next few weeks in order to meet the first time home buyer federal tax credit deadline.”

Last February, President Barack Obama signed the American Recovery and Reinvestment Act of 2009 in order to help kick start the sluggish US housing market. One of the key components of the Act was the creation of the $8000 first time home buyer federal tax credit. “The $8000 federal tax credit is essentially a free gift from the federal government,” says Renner, www.BuyAustin.com broker and a first time home buyer specialist.

The first time home buyer federal tax credit has been received favorably by many consumers, real estate professionals, and home builders across the US. “The first time home buyer federal tax credit has been successful because there is always a positive economic ripple effect each time a home is purchased,” says Renner. In addition, “its success has been fueled by “pent up demand, low interest rates and lower home prices,” Renner continues.

The National Association of Realtors recently reported that 53% of today’s homebuyers are first timers due in part to the $8000 federal tax credit. “Homebuyers just need to realize that the tax gift is going away and that now is the time to take action,” Renner urges.

Renner warns home buyers who wish to take advantage of the $8000 federal tax credit to focus primarily on available housing inventory. Renner adds, “although there are great deals for buyers in the short sale market, foreclosures and with bank owned REO companies, they unfortunately cannot process the contracts quick enough to meet the deadline. Therefore, buyers should focus on builder inventory or resale homes that are owner occupied in order to close before the impending deadline.”

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